Thain Takes Charge at CIT

NEW YORK-John A. Thain has been named chairman and chief executive officer of CIT, effective immediately.

According to a company statement, Thain will "continue CIT's transition to a more streamlined commercial lender focused on serving the small-business and middle-market sectors, and optimizing the company's business model." CIT emerged from Chapter 11 bankruptcy protection in December.

Thain succeeds Peter Tobin, who was named interim CEO in January and who remains on the company's board of directors.

Thain served as chairman and CEO of Merrill Lynch until it was sold to Bank of America in 2008. Prior to that, he was CEO of the New York Stock Exchange, and before that served as president and chief operating officer of Goldman Sachs.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money